Binance CEO Changpeng Zhao revealed on its page on the X network (formerly Twitter, blocked in Russia) new details regarding the transfer of Russian exchange clients to the new CommEx platform, writes RBC Crypto.
According to him, cryptocurrency transfers will occur between Binance and CommEx wallets as users and their funds migrate. Some such transfers have already been carried out at the testing stage of the exchange.
Additionally, several former Binance CIS team members may be joining the CommEx team or have already done so.
Zhao separately clarified that CommEx does not serve users from the US and EU and provides for blocking by IP address and account data (KYC). According to him, Binance asked to include such a condition in the deal.
In addition, from new responses from technical support of the Binance exchange, it became known that the decision to sell the Russian business was caused by the fact that “working in Russia is incompatible with Binance’s compliance strategy.” In addition, support agents explained that the closure of the exchange in Russia will affect the accounts of Russian citizens or individuals living in Russia, as well as legal entities registered in Russia.
At the same time, Russian citizens legally residing in other countries will be able to continue to use Binance, subject to compliance with sanctions rules. In this case, they will have to go through an enhanced verification process and confirm their address. Any attempts to access Binance from a Russian IP will be limited, users will be redirected to the website of the new CommEx platform.
CommEx representatives, in turn, confirmed that all products and services of the exchange will fully operate in Russia.
On September 27, Binance announced its complete withdrawal from Russia. Representatives of the exchange reported that its Russian business will be sold to the CommEX platform.
Source: Cryptocurrency
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